Arrasate & Ibosa: Favourites in the Bid to Build Bilbao’s Star Residential Project

28 May 2018 – Eje Prime

Up to eight property developers are willing to pay between €30 million and €50 million to build residential properties in Bilbao. The two favourites in the battle are Arrasate and Grupo Ibosa, which have submitted two of the highest offers for this housing plan, which forms part of Project Garellano and which is being managed by Bilbao Ría 2000.

One of the key factors behind Arrasate and Ibosa’s strong chances of winning the tender is that both have the architect Richard Rogers in their project, which gives them an extra 5% in their scores. The vast majority of the score (75%) in the auction corresponds to the economic offer, and the remaining 20% relates to the assessment of the business plan and the construction, according to El Confidencial.

The future tower will be 119 m tall and will comprise 36 storeys in which 200 homes will be constructed. The location of the residential property will be prime, given that it is being built right in the heart of the city.

The plot that the public company Bilbao Ría 2000 has put up for sale has a surface area of 2,247 m2 and a buildability of more than 25,000 m2. The building will also have five underground floors with 235 parking spaces and storerooms for its future inhabitants.

In addition to Arrasate, a Basque cooperative manager (…) and Ibosa, the company led by Juan José Perucho, other companies participating in the auction for this development include the listed company Neinor Homes, ACR and a JV between the Madrid-based property developer Pryconsa and the local firm Amenabar.

Original story: Eje Prime

Translation: Carmel Drake

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